7U.K.A person appointed under section 13(2)(b) or (c) shall vacate office if he becomes a person to whom paragraph 5(a) or (b) applies.
8U.K.A person appointed under section 13(2)(b) shall vacate office if he ceases to [F1carry out monetary policy analysis ] within the Bank F2....
Textual Amendments
F1Words in Sch. 3 para. 8 substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(4)(a) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F2Words in Sch. 3 para. 8 omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(4)(b) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
9(1)The [F3court of directors of the Bank ] may, with the consent of the Chancellor of the Exchequer, remove a member appointed under section 13(2)(b) or (c) if it is satisfied—U.K.
(a)that he has been absent from the [F43 or more meetings of the Monetary Policy Committee] without [F5that Committee's consent],
(b)that he has become bankrupt [F6, that a debt relief order (under Part 7A of the Insolvency Act 1986) has been made in respect of him], that his estate has been sequestrated or that he has made an arrangement with or granted a trust deed for his creditors, or
(c)that he is unable or unfit to discharge his functions as a member.
[F7(1A)The court of directors may, with the consent of the Chancellor of the Exchequer, also remove a member appointed under section 13(2)(c) if it is satisfied that in all the circumstances his financial or other interests are such as substantially to affect the functions as member which it would be proper for him to discharge.]
F8(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Words in Sch. 3 para. 9(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(5)(a) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F4Words in Sch. 3 para. 9(1)(a) substituted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(5)(b) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F5Words in Sch. 3 para. 9(1)(a) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(8)(a)(ii) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F6Words in Sch. 3 para. 9(1)(b) inserted (1.10.2012) by The Tribunals, Courts and Enforcement Act 2007 (Consequential Amendments) Order 2012 (S.I. 2012/2404), art. 1, Sch. 2 para. 38(3) (with art. 5)
F7Sch. 3 para. 9(1A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(6) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F8Sch. 3 para. 9(2) omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(8)(b) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.